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Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
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Name : |
CASIO COMPUTER CO LTD |
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Registered Office : |
1-6-2 Honmschi Shibuyaku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
June 1957 |
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Com. Reg. No.: |
0110-01-030015
(Tokyo-Shibuyaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of electronic products such as digital
cameras, wrist watches, clocks, electronic dictionaries, electronic
stationaries, electronic computers, projectors, printers & PC’s |
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|
|
No. of Employees |
10,842 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 6,714.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic,
mastery of high technology, and a comparatively small defense allocation (1% of
GDP) helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee
of lifetime employment for a substantial portion of the urban labor force. Both
features are now eroding under the dual pressures of global competition and
domestic demographic change. Japan's industrial sector is heavily dependent on
imported raw materials and fuels. A small agricultural sector is highly
subsidized and protected, with crop yields among the highest in the world.
While self-sufficient in rice production, Japan imports about 60% of its food
on a caloric basis. For three decades, overall real economic growth had been
spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4%
average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%,
largely because of the after effects of inefficient investment and an asset
price bubble in the late 1980s that required a protracted period of time for
firms to reduce excess debt, capital, and labor. Modest economic growth
continued after 2000, but the economy has fallen into recession three times
since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
|
Source : CIA |
CASIO COMPUTER CO LTD
Casio Keisanki KK
1-6-2 Honmschi
Shibuyaku Tokyo 151-8541 JAPAN
Tel: 03-5334-4111 Fax: 03-5334-4669
URL: http://www.casio.jp
E-Mail address: (thru the URL)
Mfg of
electronic products
Nationwide (Tot
30)
Worldwide
(subsidiary
makers)
KAZUO
KASHIO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 297,763 M
PAYMENTS No
Complaints CAPITAL Yen
48,592 M
TREND UP WORTH Yen 163,968 M
STARTED 1957 EMPLOYES 10,842
MFR OF ELECTRONIC PRODUCTS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 6,714.3 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
427,925 |
-25,082 |
-20,968 |
(%) |
168,857 |
|
(Consolidated) |
31/03/2011 |
341,678 |
11,702 |
5,682 |
-20.15 |
153,232 |
|
|
31/03/2012 |
301,660 |
6,980 |
2,556 |
-11.71 |
149,254 |
|
|
31/03/2013 |
297,763 |
19,702 |
11,876 |
-1.29 |
163,968 |
|
|
31/03/2014 |
322,000 |
24,000 |
13,500 |
8.14 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is the leading mfr of electronic products for customers. Maintains strong shares in radio-controlled clocks and watches, and electronic dictionaries. Also produces digital cameras. Known for strong brand name, CASIO. Fostering new lines of business such as electronic signs. The company established sales subsidiary in Dubai, with operations started in October 2013. It will accelerate the sales expansion of wrist watches by setting up new direct sales bases in S/E Asia. .
The sales volume for Mar/2013 fiscal term amounted to Yen 297,763 million, a 1.3% down from Yen 301,660 million in the previous term. The recurring profit was posted at Yen 19,702 million and the net profit at Yen 11,876 million, respectively, compared with Yen 6,980 million recurring profit and Yen 2,556 million net profit, respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 232,085 million (up 7.8%), operating profit Yen 17,343 million (up 37.7%), recurring profit Yen 16,936 million (up 37.4%), net profit Yen 10,382 million (up 34.0%). (% compared with the corresponding period a year ago).
For the current term ending Mar 2014 the recurring profit is
projected at Yen 24,000 million and the net profit at Yen 13,500 million, on an
8.1% rise in turnover, to Yen 322,000 million.
Sales of wrist watches are surging, helped by active sales promotion of
G-SHOCK wrist watches.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 6,714.3 million, on 30 days normal terms.
Date Registered: Jun
1957
Regd No.: 0110-01-030015 (Tokyo-Shibuyaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 478,693,000 shares
Issued:
239,021,914 shares
Sum: Yen 48,592
million
Major shareholders (%): Master Trust Bank of Japan T (5.4), JTSB (SMBC) (4.7), Nippon Life Ins (4.7), Japan Trustee Services T (4.2), Company’s Treasury Stock (3.6), Casio Bros Corp (3.5), SMBC (2.4), Juniper (1.8), MUFG (1.4), Trust & Custody Services Inv T (1.2); foreign owners (19.1)
No. of shareholders: 44,230
Listed on the S/Exchange (s) of: Tokyo
Managements: Kazuo Kashio, pres; Yukio Kashio, v pres; Fumiyasu Murakami, s/mgn dir; Akira Kashio, s/mgn dir; Akinori Takagi, mgn dir; Hiroshi Nakamura, mgn dir; Susumu Takashima, dir; Yuichi Masuda, dir; Kazuhiro Kashio, dir; Hirokazu Ishikawa, dir; Toshiyuki Yamagichi, dir
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures electronic products: digital cameras, wrist watches, clocks, electronic dictionaries, electronic stationaries, electronic computers, projectors, printers, PC’s, other for consumers (77%), systems (14%), others (9%)
Overseas
Sales Ratio (56%)
Clients:
[Mfrs, wholesalers] Casio Europe, Mitsubishi Corp, Casio America, Yamada Denki,
Aeon Retail, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Casio Computer, Casio Electronic China, Ability Enterprise,
Ortus Technology, other
Payment
record: No Complaints
Location: Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(Shinjuku-Nishiguchi)
MUFG
(Shinjukudori)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
|
297,763 |
301,660 |
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Cost of Sales |
181,479 |
195,622 |
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GROSS PROFIT |
116,284 |
106,038 |
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Selling & Adm Costs |
96,231 |
96,973 |
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OPERATING PROFIT |
20,053 |
9,065 |
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Non-Operating P/L |
-351 |
-2,085 |
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RECURRING PROFIT |
19,702 |
6,980 |
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NET PROFIT |
11,876 |
2,556 |
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BALANCE SHEET |
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Cash |
|
56,029 |
53,128 |
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Receivables |
|
50,490 |
57,923 |
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Inventory |
|
54,115 |
45,589 |
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Securities, Marketable |
57,139 |
49,861 |
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Other Current Assets |
31,946 |
37,521 |
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TOTAL CURRENT ASSETS |
249,719 |
244,022 |
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Property & Equipment |
64,381 |
52,409 |
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Intangibles |
|
6,068 |
5,942 |
|
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Investments, Other Fixed Assets |
49,154 |
63,839 |
|
|
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TOTAL ASSETS |
369,322 |
366,212 |
|
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Payables |
|
35,709 |
49,682 |
|
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Short-Term Bank Loans |
4,400 |
4,817 |
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Other Current Liabs |
75,193 |
37,086 |
|
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TOTAL CURRENT LIABS |
115,302 |
91,585 |
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Debentures |
|
21,278 |
30,710 |
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Long-Term Bank Loans |
52,900 |
77,457 |
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Reserve for Retirement Allw |
2,700 |
11,295 |
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Other Debts |
|
13,174 |
5,911 |
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TOTAL LIABILITIES |
205,354 |
216,958 |
|
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MINORITY INTERESTS |
|
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Common
stock |
48,592 |
48,592 |
|
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Additional
paid-in capital |
65,703 |
65,703 |
|
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Retained
earnings |
62,523 |
55,218 |
|
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Evaluation
p/l on investments/securities |
3,624 |
490 |
|
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Others |
|
(7,882) |
(12,159) |
|
|
Treasury
stock, at cost |
(8,592) |
(8,590) |
|
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TOTAL S/HOLDERS` EQUITY |
163,968 |
149,254 |
|
|
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TOTAL EQUITIES |
369,322 |
366,212 |
|
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CONSOLIDATED CASH FLOWS |
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||
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Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash
Flows from Operating Activities |
|
9,478 |
10,793 |
|
|
Cash
Flows from Investment Activities |
-13,377 |
3,107 |
|
|
|
Cash
Flows from Financing Activities |
-4,695 |
-30,729 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
97,350 |
100,710 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
163,968 |
149,254 |
|
|
|
Current
Ratio (%) |
216.58 |
266.44 |
|
|
|
Net
Worth Ratio (%) |
44.40 |
40.76 |
|
|
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Recurring
Profit Ratio (%) |
6.62 |
2.31 |
|
|
|
Net
Profit Ratio (%) |
3.99 |
0.85 |
|
|
|
Return
On Equity (%) |
7.24 |
1.71 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
UK Pound |
1 |
Rs.103.26 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.